The ever so popular individual digital currency, Bitcoin, is without a doubt popular globally. Though did you know a brand new cryptocurrency was released on August 1st? The name of this new digital currency is Bitcoin Cash, with the symbol being BCC or BCH. Since Bitcoin is already popular globally, does this cryptocurrency also have a chance of being popular? The answer is definitely yes.
Rise of Bitcoin Cash
Bitcoin Cash is a peer-to-peer (P2P) digital currency that is made for the Internet, and not connected to any central bank nor depend on trusted third parties to function. Bitcoin Cash is created through a fork of Bitcoin network, which consumers who buys/sells Bitcoin will have the same amount of Bitcoin Cash on the block chain that’s made for Bitcoin Cash. Now that there are Bitcoin and Bitcoin Cash, truly competition is being completed as I write this article. People globally are buying or selling Bitcoin Cash, and the market digital currency is increasing or decreasing. Though recently, Bitcoin Cash did overtake Bitcoin, and this occurred last Sunday, November 12th, which the cryptocurrency surged more than $41 billion on that day.
What’s Different From Bitcoin Cash and Bitcoin?
There are many differences that the cryptocurrency has from Bitcoin, and one of them is that Bitcoin Cash’s software has a block size that is 8 MB compared to Bitcoin, which is only 1 MB. Since the block size is huge, transaction is definitely much quicker. Also, Bitcoin Cash software does not have a centralized development system, relying more on several separate development teams that provides wallet clients, includes Bitcoin ABC, Bitcoin Classic, Bitcoin Unlimited, and Bitcoin XT.
Can Bitcoin Cash Flow To Litecoin?
Since Bitcoin Cash is rapidly getting popular globally, analysts and investors will think that its selloff will likely lead to an increase in demand towards Litecoin. One analyst and investor who thinks this Tuur Demeester. Tuur explained regarding why he thinks that BCH is likely to lean towards Litecoin, and quoting “If BCH pump fails, money could roll into LTC, it being a real Bitcoin (BTC) hedge. I just invested some BCH profits into LTC. With “real Bitcoin hedge” I mean [that] Litecoin has SegWit and it will likely merge other cutting edge tech ahead of BTC,” he said. Answering the question regarding if Bitcoin Cash can flow to Litecoin, the answer is that it might, and the reason is because of its similarity to Bitcoin in terms of structure, monetary policy, and philosophy. Popularity on where Bitcoin Cash is highly centralized is definitely Asia, primarily China. Since the centralization is in China, Bitcoin Cash will definitely flow towards Litecoin because Litecoin’s trading volume is also in China.
Bitcoin Cash Rising In South Korea
Anything Bitcoin, like Litecoin, Bitcoin Cash is also gaining traction because it increased in South Korea’s largest cryptocurrency exchange, Bithumb. The Bitcoin Cash has seen prices rise this year, which it grew from $300 to $996, almost reaching that $1,000 benchmark. Like mentioned earlier, Bitcoin Cash is highly centralized in China, so all trading is completed in that region because all of the Bitcoin exchange market are supported by BCH trading. Overall, success of Bitcoin Cash is in Asia.
Growing Threat of Security
Like all digital currencies, the growing concern regarding threats is on the minds of investors, and security needs to be implemented. There are risks when it comes to Bitcoin Cash, and the two attacks that needs to be payed attention on are replay and wipeout attacks. Replay attack is when a delay of data transfer is spitefully repeated, meaning that moving a transaction took place in one block and unkindly using it in another block. Wipeout is not serious compared to replay, though this attack is when chain miners attacks each other. So investors will need to just pay attention to these two attacks. Besides that, happy trading and we will see Bitcoin Cash’s success in Asia and globally.